Tornet sells properties

2004-09-17

As announced, Tornet has concluded agreements and a letter of intent for the sale of all the properties in its subsidiary Malmstaden. The deals amount to SEK 4,313m in aggregate and are expected to provide Tornet with a net profit exceeding SEK 600m. Completion of the deals is subject to the fulfilment of certain financing and other conditions.

Ratos is indirectly - via the holding company LRT Acquisition AB (LRT) - the owner of 33% of the shares in Tornet. Based on the consolidated book values in the LRT Group and its ownership share in Tornet, the LRT Group's net profit is expected to exceed SEK 350m.

Ratos's share of the LRT Group's earnings will be reported as a profit share from LRT/Tornet in the fourth quarter of 2004.

Please refer to Tornet's press release for further information regarding the deals.